[DigitalToday reporter Yoonseo Lee] XRP spot exchange-traded funds (ETFs) logged a net outflow of $5,153,410 on Sept. 17 (local time), halting for a day the recent run of inflows.

CryptoSlate, a blockchain media outlet, reported on Sept. 19 that the move was the first daily negative print during a stretch in which about $192 million flowed in over the past month, but weekly cumulative flows were still net positive.

Net inflows over the past week across five products totaled about $10 million, according to the tally. Over the past month, they recorded inflows on 16 trading days and outflows on 2 trading days. That means it is too early to conclude that institutional demand is weakening based on a single day of outflows.

The net outflow was concentrated in some products. Data from Maketo showed about $1 million left Canary Capital's XRPC and about $4 million exited 21Shares' TOXR. By contrast, Bitwise's XRP fund, Franklin Templeton's XRPZ and Grayscale's GXRP were unchanged.

The only product with a confirmed decline in shares outstanding was XRPC. XRPC's shares outstanding fell to 23.30 million on Sept. 17 from 23.40 million on Sept. 16. Canary Capital's prospectus says one basket equals 10,000 shares, meaning a 100,000-share decline corresponds to the redemption of 10 baskets. Canary Capital disclosed net assets of $319.86 million and net asset value per share of $13.73 as of Sept. 17. It was not confirmed how the redemption was settled or what impact it had on the underlying XRP market.

Same-day flows for other products were difficult to cross-check. The most recent figures disclosed by Bitwise were as of Sept. 16, showing 33.69 million shares outstanding for its XRP spot ETF, trust holdings of 376.29 million XRP and net assets of about $486.85 million. Those figures make it hard to confirm flows for Sept. 17.

Another variable is that ETF flows are not easy to link directly to spot supply and demand for XRP. In a cash creation model, when new money comes in, the trust or a liquidity provider may buy XRP. In a cash redemption model, XRP selling can emerge to raise cash for redemptions. By contrast, in an in-kind transfer model, XRP can move without immediate market orders at the trust level. That means a product filing alone cannot pin down the actual execution time, venue, whether the underlying XRP was traded, or the price impact on a specific day.

Policy factors also remain. The net outflow came two days after the U.S. Senate rejected, 49 to 50, a cloture vote to move the Clarity bill to floor consideration. Current data alone cannot establish a direct link between the vote and the outflow.

So far, the confirmed pattern is a one-day redemption concentrated in some products, while weekly and monthly cumulative inflows remain positive. The five products held about 1.08 billion XRP at the time of the tally, valued at about $1.39 billion. Whether outflows expand over the next few trading days or money returns across multiple products is likely to determine the trend in institutional demand for XRP spot ETFs.